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IRS SUSPENDS REQUIREMENTS FOR CERTAIN MISSOURI LIHTC PROPERTIES

Friday, September 16, 2011 - 8:00AM

The Internal Revenue Service (IRS) today issued Notice 2011-47 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements in the wake of the devastation in Missouri caused by severe storms, tornadoes and flooding beginning on April 19. The IRS said it will temporarily suspend income limitation and non-transient requirements for LIHTC properties that have received approval from the Missouri Housing Development Commission to rent vacant units to individuals displaced by natural disasters. Other rules and requirements of Section 42 will continue to apply during the temporary housing period.

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